Uncategorized

There are many benefits of filling ITR, do this work even if you do not have taxable income

ITR Filing: Filing income tax return and depositing income tax are two different things. The meaning of filing income tax return is to give information about your income-investment and expenditure to the government. If you become a tax liability after filing ITR, then you have to pay tax.

for whom it is necessary not for whom

  • If you are a citizen of India or a non-resident Indian and your total annual income in any one financial year is more than Rs 2,50,000, then it is necessary for you to file ITR.
  • If you earn more than the tax exemption limit from your job, business or profession, then it is necessary for you to file ITR.
  • If your total income in any one financial year is only from agriculture and allied work, then you do not need to file ITR.
  • Even if your total annual income is less than Rs 5 lakh, it is not necessary for you to file ITR.

Everyone should file ITR

  • The truth is that everyone should file ITR.
  • ITR can be filed even if the total annual income from job or business is less than Rs 5 lakh.
  • You may not pay any tax but submit a solid proof of your income.

Benefits of filing ITR

  • To apply for jobs outside the country, you must have ITR for the last 3 years. Only then are applications for visas accepted.
  • While applying for the loan, bankers ask for a copy of your tax return to verify your sources of income. Apart from this, income tax returns also help in getting credit cards, insurance policies etc. It serves as a proof of your income.
  • In order to claim tax refund, ITR has to be filed. Sometimes TDS is deducted even if the income slab is not under the tax net. If you want the TDS deducted money to be refunded to you, then it is necessary to file ITR for this.

Read also:

IRCTC is giving an opportunity to earn, spend only 3999 once, every month will earn up to 80,000, know how?

Bank of Baroda is selling houses, shops and flats cheaply, can bid on December 8, check process

,

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
error: Content is protected !!